Hong Kong Bitcoin Trading Volume Spikes to Highest Levels Ever Recorded

judeafante

sr. member

Activity: 2254

Merit: 258

Quote from: vennali on October 02, 2019, 08:24:03 AM

Interest in Bitcoin seems to be booming in Hong Kong. LocalBitcoins recorded its highest trading volume ever in the city-state this past week.
About $13 million HKD exchanged in the last week.

Article source

After the recent event that happens on Hongkong investing in Bitcoin is a good option now, they just want to prepare for any eventualities and migrating to other country that is Crypto friendly is a good option no need, no screening on how huge money they are taking, they ca leave and take everything on them, our Chinese brothers are wise to foresee any circumstances.

jarhed

sr. member

Activity: 672

Merit: 254

Quote from: figmentofmyass on October 03, 2019, 12:53:07 PM

Quote from: pooya87 on October 02, 2019, 11:17:22 PM

it seems like each time there is a spike in the volume that localbitcoins reports, one of these yellow news sites writes an article about how there is something "big" going on over in that country as if that's a thing. most of the times the volume is not even that high, in this case $1.6 mil is somewhat high but still not something to get excited about not to mention LBC's reports aren't that reliable to begin with.

given their harsh new KYC policies and the removal of p2p cash trades (which could easily be done outside the escrow system) i reckon their volume numbers are more reliable than ever before.

but yeah 173 bitcoins traded over a week is piddly. definitely nothing to get excited about.

It’s good that the trading volume is increasing, this shows the interest of Bitcoins. I think it’s better to invest in Bitcoin now. I expect that in the spring of 2020, the price of Bitcoin will be more than $ 14,000.

figmentofmyass

legendary

Activity: 1652

Merit: 1483

Quote from: pooya87 on October 02, 2019, 11:17:22 PM

it seems like each time there is a spike in the volume that localbitcoins reports, one of these yellow news sites writes an article about how there is something "big" going on over in that country as if that's a thing. most of the times the volume is not even that high, in this case $1.6 mil is somewhat high but still not something to get excited about not to mention LBC's reports aren't that reliable to begin with.

given their harsh new KYC policies and the removal of p2p cash trades (which could easily be done outside the escrow system) i reckon their volume numbers are more reliable than ever before.

but yeah 173 bitcoins traded over a week is piddly. definitely nothing to get excited about.

ice098

hero member

Activity: 1498

Merit: 586

Quote from: vennali on October 02, 2019, 08:24:03 AM

Interest in Bitcoin seems to be booming in Hong Kong. LocalBitcoins recorded its highest trading volume ever in the city-state this past week.
About $13 million HKD exchanged in the last week.

Article source

Yes it seems they already transferring their funds or their money . They may be afraid that banks may be close due to some problems and their money could not be withdrawn. It is somehow their plan to save their money so that when they want to go to other countries they can go with their money with them money wont be trace.

pooya87

legendary

Activity: 3472

Merit: 10611

it seems like each time there is a spike in the volume that localbitcoins reports, one of these yellow news sites writes an article about how there is something "big" going on over in that country as if that's a thing. most of the times the volume is not even that high, in this case $1.6 mil is somewhat high but still not something to get excited about not to mention LBC's reports aren't that reliable to begin with.

jseverson

hero member

Activity: 1834

Merit: 759

Quote from: 1Referee on October 02, 2019, 02:57:10 PM

It's not a lot of volume if you just process the numbers of HK, but if you bundle all the countries going through economical/political turmoil, the volumes suddenly aren't that bad at all. In fact, this is only the start. I expect that the situation will be much worse in the forthcoming years, which will only drive Bitcoin adoption to the next level in these countries.

Are you referring to a specific figure? Would you mind sharing it? Local unrest does seem to affect volumes positively, but not in any significant degrees from what I've seen, even in these extreme cases.

Quote from: ?? on ??

Hong Kong can become a very important place for crypto, and can affect its price

They can prove that Bitcoin can help with anonymity for matters involving the protests, but affecting global prices is a long shot considering their currency isn't really at risk:

Quote from: https://www.reuters.com/article/us-hongkong-protests-currency-explainer/explainer-can-political-unrest-in-hong-kong-break-its-currency-peg-idUSKCN1VJ0WA

The Hong Kong Monetary Authority (HKMA), the city’s de-facto central bank, buys local dollars if it gets too weak and sells to curb excessive strength.

It has plenty of firepower, with $448.5 billion of assets in its foreign exchange fund alone as of July, representing roughly seven times the currency in circulation, according to HKMA.

Getting rid of their HKD isn't a pressing matter at the moment.

jaocoincrypto18

full member

Activity: 630

Merit: 103

Quote from: omone1 on October 02, 2019, 12:00:53 PM

That certainly not a great volume, Hong Kong is definitely not a poor region. It's possible few persons carried out the transactions. I will love to see billions of dollars.

No one should underestimate this small volume as it was far better than none. We need more Bitcoin buying and holding specially in this bearish market trend so even it is just a tiny portion but still it is a big help for the Bitcoin market to keep on moving.

debuni

legendary

Activity: 1162

Merit: 1002

Quote from: vennali on October 02, 2019, 08:24:03 AM

About $13 million HKD exchanged in the last week.

That's actually a pretty low volume but if it increased suddenly, it can also be a manipulation from Beijing, it will not surprise me coming from them they would do everything so that Hong Kong stays under their control.

In parallel, the protesters are very active on the deepweb and have networks of discussion to counter the Chinese surveillance, so it will not surprise me that they use Bitcoin.

clickerz

hero member

Activity: 1414

Merit: 505

Backed.Finance

Quote from: Dabs on October 02, 2019, 02:11:54 PM

I think some are setting aside some wealth in case they need to leave the country, they can do so and have all their coins in a USB stick, a hardware wallet, or even just some paper wallet hidden in an envelope or somewhere else no one is likely to look into.

Most probably sir, since the past months Hong Kong government is mired with rallies and protests.Those who are tech inclined persons opted to store their money in digital form like bitcoins for easy access and portability. This instability causes this spark in interests on bitcoin so to speak especially to the millennial.

1Referee

legendary

Activity: 2170

Merit: 1427

Quote from: Dabs on October 02, 2019, 08:41:23 AM

Is that a lot of volume? That means coins trading hands, maybe some of those protestors are preparing for an exit, a Plan B ... with B for Bitcoin.

It's not a lot of volume if you just process the numbers of HK, but if you bundle all the countries going through economical/political turmoil, the volumes suddenly aren't that bad at all. In fact, this is only the start. I expect that the situation will be much worse in the forthcoming years, which will only drive Bitcoin adoption to the next level in these countries.

Another important fact is that a lot volume isn't being recorded on sites such as LBC, but settled truly peer to peer where only the sender and receiver know that the transaction took place. There is no viable way to measure the volume this way, which directly shows that Bitcoin is doing its job exceptionally well.

BitHodler

legendary

Activity: 1526

Merit: 1179

It's just a few million on a weekly basis, definitely not something to cheer about. It reminds me of people pointing at Venezuela where the volumes were said to be increasing, while in dollar terms they did not.

Sure, HKD isn't subject to a similar rate of inflation, but what is similar, is that the volumes despite reaching new highs are peanuts compared to western USD volumes. It's almost pointless to even compare if you think about it.

On a more positive note, people in Hong Kong are trading on exchanges such as Binance too, where I am sure that the volumes generated there are orders of magnitude higher in dollar terms.

Dabs

legendary

Activity: 3416

Merit: 1912

The Concierge of Crypto

I think some are setting aside some wealth in case they need to leave the country, they can do so and have all their coins in a USB stick, a hardware wallet, or even just some paper wallet hidden in an envelope or somewhere else no one is likely to look into.

figmentofmyass

legendary

Activity: 1652

Merit: 1483

to give some perspective, here's a historical chart of localbitcoins volume in HK, denominated in BTC:

on one hand, it's technically the biggest volume since 2017. on the other hand, it's less than 200 BTC exchanged weekly and doesn't stand out much on the chart. meh.

electronicash

legendary

Activity: 3234

Merit: 1055

the locals probably got a tip that BTC could be going up. its a good choice, buying BTC is the best they could have. good for them and good that they start seeing the use of bitcoin as an investment. though i wouldn't hope for BTC to go up through these type of events like this protests and almost waging a civil war, it might just be the case.

Carlton Banks

legendary

Activity: 3430

Merit: 3080

Quote from: Vishnu.Reang on October 02, 2019, 10:40:46 AM

Another false flag news.

you don't know what "false flag" means

please learn what "false flag" means, then you can use the expression appropriately (it is wrong in this case)

omone1

member

Activity: 845

Merit: 52

That certainly not a great volume, Hong Kong is definitely not a poor region. It's possible few persons carried out the transactions. I will love to see billions of dollars.

kryptqnick

legendary

Activity: 3248

Merit: 1402

Join the world-leading crypto sportsbook NOW!

Quote from: avikz on October 02, 2019, 09:40:27 AM

Quote from: vennali on October 02, 2019, 08:24:03 AM

Interest in Bitcoin seems to be booming in Hong Kong. LocalBitcoins recorded its highest trading volume ever in the city-state this past week.
About $13 million HKD exchanged in the last week.

Article source

13 million HKD is not a great volume for a rich place like Hong Kong. It's around 1.7 million in USD at the current exchange rate! I am sure some people are trying to safeguard their wealth amidst the ongoing protest because China can go to any extent to immobilize the protesters!

Bitcoin/cryptos are the only way to hide their wealth from the regulatory authorities who might intervene to seize the wealth of the protesters to keep them out of the entire game!

Yes, it seems natural that the protesters would prefer Bitcoin so that their money is safe. But they can also prefer it for political reasons so that they are not using the currency of any specific country and support decentralization. The talks about a possible connection started back during summer. There were a few articles about it, and there was even a thread on Bitcointalk dedicated to this topic. But the article, like others mentioned, does not really settle the matter. It's unclear whether there's a direct connection or whether it's a significant volume to discuss at all.

Darker45

legendary

Activity: 2576

Merit: 1860

Quote from: vennali on October 02, 2019, 08:24:03 AM

Interest in Bitcoin seems to be booming in Hong Kong. LocalBitcoins recorded its highest trading volume ever in the city-state this past week.
About $13 million HKD exchanged in the last week.

Article source

Frankly speaking, the article is not a news article. It is more of a speculation or an opinion piece, trying to connect certain events with each other. Although there could really be some truth to it. The Chinese governments must have closely monitored the protesters' spending more than ever, now that they are personally identified and are clearly stepping up their aggression against mainland China's influence over Hong Kong. And Bitcoin could be the best alternative payment option to many of them.

Hong Kong protests and the cryptocurrency market could really be good allies. Hong Kong protesters, after all, are pushing for autonomy against the authoritarian-style rule of the Chinese central government.

Vishnu.Reang

sr. member

Activity: 1988

Merit: 453

Quote from: vennali on October 02, 2019, 08:24:03 AM

Interest in Bitcoin seems to be booming in Hong Kong. LocalBitcoins recorded its highest trading volume ever in the city-state this past week.
About $13 million HKD exchanged in the last week.

Article source

Another false flag news. 13 million HKD is the equivalent to $1.66 million. And $1.66 million over a duration of one week (although this is for just one of the platforms) looks extremely minuscule compared to the global Bitcoin trade volumes. I am quite sure that the trade volumes in countries such as Taiwan and South Korea are much higher than this.

vennali

legendary

Activity: 2338

Merit: 1081

#SWGT CERTIK Audited

Quote from: Dabs on October 02, 2019, 08:41:23 AM

Is that a lot of volume? That means coins trading hands, maybe some of those protestors are preparing for an exit, a Plan B ... with B for Bitcoin.

I'm not sure to be honest. It is about 1.7 Million USD. Of course they are only counting the volume of 1 platform, so Im sure the actual value is much higher than that.

Quote from: avikz on October 02, 2019, 09:40:27 AM

Quote from: vennali on October 02, 2019, 08:24:03 AM

Interest in Bitcoin seems to be booming in Hong Kong. LocalBitcoins recorded its highest trading volume ever in the city-state this past week.
About $13 million HKD exchanged in the last week.

Article source

13 million HKD is not a great volume for a rich place like Hong Kong. It's around 1.7 million in USD at the current exchange rate! I am sure some people are trying to safeguard their wealth amidst the ongoing protest because China can go to any extent to immobilize the protesters!

Bitcoin/cryptos are the only way to hide their wealth from the regulatory authorities who might intervene to seize the wealth of the protesters to keep them out of the entire game!

Yeah, Most probably that is the reason for shifting to cryptocurrency. It is the trading volume for just 1 platform, so Im sure the figures must be much higher than that.

Topic: Hong Kong Bitcoin Trading Volume Spikes to Highest Levels Ever Recorded (Read 322 times)